Mizuho Bank
announced plans to launch its
J-Coin Pay app on March 1st. The company has signed up almost 60 financial institutions to what it refers to as its “Banking Digital Currency Platform”.
Consumers will be able to scan a QR code using a smartphone to make a payment. Each J-Coin is equivalent to one Yen and the J-Coin Pay motto is “anytime – anywhere – free”.
Because the participants are banks, they can afford to allow users to transfer money from their bank into J-Coins for free. That could be a significant advantage in J-Coin’s battle with incumbent non-financial competitors. The banks also plan to charge retail outlets lower fees compared to competitors and cards.
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